Data Breaches are on rise says a survey conducted by Ponemon Institute and funded by IBM. The survey also reported that the average cost of a data breach is now $4 million, up from $3.2 million in 2015.
On an average the cost per lost or stolen record in 2016 report is $158 which was $154 in 2015 and $145 in 2014. Although, the cost of data loss varies from industry, the average cost of a stolen or lost record is reported to be at $355 worth.
Another survey from TrendMicro has revealed that email scammers duped businesses into giving away atleast $3.1 billion between 2015-16.
Looking at the root cause of such troubles, the study has revealed that 48 percent of data breaches were the result of malicious attacks on an organization. The report also found that the average time to identify a breach now stands at 201 days.
Customer churn and the cost of retaining customers are two reasons for the escalation of costs of data breaches on yearly basis. Add to this is the fact that legal costs associated with breaches are rising as well.
So. what can be done to reduce the impact of data breaches on enterprises?
- First of all, employee training helps in reducing the impact of data breaches by approximately $9 a record.
- By encryption of data the impact of data breaches can be decreased.
- Having an incident response team in place reduces the cost of a data breach by $16 a record says Ponemon Institute survey.
- Backing up data which is recoverable as soon as a disaster strikes is also a solution to reduce the impact of data breaches.
And so, where to start from or whom to approach to keep your data safe?
DNF data personnel can evaluate your existing encryption strategies and data security policies and see if there are any loopholes. If so, they will start the process of securing the your IT environment with a detailed asset information on your organization’s hardware and software environment, sensitive data and current security policy management sets.
In combination of your corporate objectives, DNF team will determine the business objectives for encrypting data at rest. From these objectives they will derive a plan and proposal to address the policies, architecture, and scope of the project to keep you protected to the fullest.